SAN DIEGO, Feb. 5, /PRNewswire/ -- Burnham Pacific Properties, Inc.
(NYSE: BPP), an equity real estate investment trust (REIT), today announced
that it has recently become aware of an unsolicited offer by IG Holdings, Inc.
to purchase up to 50,000 share of the outstanding shares of Burnham's common
stock at a price per share significantly below the closing price for Burnham's
shares on the New York Stock Exchange on February 4, 1999.
On or about January 28, 1999, a company called IG Holdings, Inc. commenced
a tender offer to purchase up to 50,000 shares of the outstanding common
shares of Burnham Pacific Properties, Inc. at a price of $8.50 per share, less
any distributions made after December 1, 1998. The offer is stated to be on a
"first-come, first-buy basis" and will expire on February 19, 1999. The
closing price of Burnham's common shares on the New York Stock Exchange
yesterday, February 4, 1999, was $11.6875 per share, approximately
thirty-eight percent (38%) higher than the price offered by IG Holdings.
Burnham is aware of a number of other companies that have recently
announced similar unsolicited, below-market tender offers initiated by
IG Holdings. Burnham urges its stockholders to note that the price of this
offer is significantly below the current market price for Burnham shares, is
not accompanied by adequate disclosure and fails to advise stockholders that
Burnham's common stock can be sold at any time at the then market price of the
stock, which currently is significantly higher than the price offered by
IG Holdings. Burnham therefore recommends that any stockholder who wants to
sell Burnham's common stock should compare the sale price available on the New
York Stock Exchange at the time of intended sale with the tender price being
offered by IG Holdings.
IG Holdings is in no way affiliated with Burnham and did not contact
Burnham prior to the commencement of the offer, nor has Burnham been contacted
subsequently by IG Holdings. Burnham does not have any other information
regarding the offer or IG Holdings.
Burnham Pacific is a fully integrated real estate operating company which
acquires, rehabilitates, develops and manages retail properties in western
United States. To date, the Company owns 83 properties and controls four
major leaseholds. Burnham Pacific maintains offices in California, Oregon and
Washington and makes available on a quarterly basis supplemental information
that includes property and corporate level detail which is available upon
request. More information on Burnham Pacific may be found on the Company's
web site at http://www.burnhampacific.com or by calling 800-462-5181.
SOURCE Burnham Pacific Properties, Inc.
 back to top
Related links:
http://www.burnhampacific.com
CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., 619-652-4700, fax,
619-652-4711, dbplatt@bpac.com
|
